PHC, private lender join forces to offer competitive student loans

January 24th, 2005

PURCELLVILLE, VA—PHC Vice President for Business and Planning Darrin Coon has announced a partnership with Wachovia Education Finance that will further enhance the College's financial aid offerings.

The arrangement with Wachovia will allow eligible PHC students will to borrow as little as $500, or up to the full costs of attending PHC, with no origination fees and no payments while they are in school. The interest rate for these student loans is prime rate +0% before repayment, and 0.5% below prime rate available during repayment.

Wachovia Education Finance is the sixth largest student loan provider, and the third largest holder of student loans in the country. Their parent institution, Wachovia Bank, is a $437 billion financial institution with more than 2,600 financial centers and 800 retail brokerage offices that serve more than 20 million customers.

"Our financial aid program is designed to bring a Patrick Henry College education within the reach of families from all walks of life," said Coon. "Obviously, the ultimate decision about whether or not to take out a student loan resides with the family, but we're pleased that this new offering strengthens our ability to serve those for whom this type of loan is desirable."

Founded in 2000, Patrick Henry College is a classical Christian liberal arts college dedicated to training men and women who will lead our nation and shape our culture with timeless biblical values and fidelity to the spirit of the American founding. A PHC education combines rigorous academics, a biblical worldview, a classical liberal arts core curriculum, and apprenticeship methodologies to produce graduates who are uniquely qualified to serve God and mankind.